The Supreme Court on Wednesday granted bail to five company executives charged in the multi-billion dollar 2G spectrum licensing scandal that has rocked the government and businesses in Asia's third-largest economy.

Sanjay Chandra, the managing director of Telenor's India partner Unitech; Vinod Goenka, chairman of Etisalat's India partner DB Group; and three executives from billionaire Anil Ambani's group have been held in jail since April, following rejection of their bail pleas in lower courts.

They are among 14 individuals and three companies charged in alleged rigging of a 2007/08 grant of lucrative telecoms licences that a state auditor said cost the government up to $39 billion in revenue.